Principal completes purchase of Chilean company

Tuesday, February 05, 2013 11:37 AM

Principal Financial Group Inc.
announced that it has completed its acquisition of AFP Cuprum SA, a leading
pension management company in Chile. Principal had announced in October a
definitive agreement to acquire Cuprum. Principal now has a 90.4 percent
ownership stake in the company, and plans to acquire the remaining shares for a
total purchase price of $1.5 billion, less assumed debt. The transaction is
expected to boost Principal's earnings per share by approximately 12 cents this
year and 23 cents per share in 2014. Cuprum manages approximately $32.7 billion
in assets.